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• <br />• <br />(a) the following assessable public improvements (the <br />Improvements) have been made, duly ordered or contracts <br />let for the construction thereof, by the City pursuant <br />to the provisions of the City's home rule charter <br />(Act): <br />Project Designation & Description: <br />Total Project Cost <br />Erickson's 2nd Addition Phase I <br />and Reshanau Lakes Estates South <br />Phase I <br />Construction $ 360,803 <br />Future Paving 72,600 <br />Capitalized Interest 50,833 <br />Engineering and Administrative 108,241 <br />Costs of Issuance 14,000 <br />Subtotal $ 606,477 <br />Discount 4,575 <br />Estimated Investment Earnings (1,052) <br />TOTAL $ 610,000 <br />(b) it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue <br />$610,000 General Obligation Temporary Improvement <br />Bonds, Series 1988B (Bonds) pursuant to the Act to <br />provide financing for the Improvements. <br />2. In order to provide temporary financing for the <br />Improvements, the City will therefore issue and sell Bonds in the <br />amount of $605,425. In order to provide in part the additional <br />interest required to market the Bonds at this time, additional Bonds <br />will be issued in the amount of $4,575. The excess of the purchase <br />price of the Bonds over the sum of $605,425 will be credited to the <br />debt service fund for the Bonds for the purpose of paying interest <br />first coming due on the additional Bonds. The Bonds will be issued, <br />sold and delivered in accordance with the terms of the following <br />Official Terms of Offering: <br />